Swiss Re, the world's second largest reinsurance group, announced on September 23 it plans to buy Guardian Financial Services for £1.6 billion (2.2 billion euros, $2.4 billion). The acquisition by Swiss Re's business unit Admin Re from private equity company Cinven will boost the group's presence in Britain, Swiss Re said in a statement.
"This acquisition is an excellent opportunity for Admin Re to further enlarge its successful business and diversify its portfolio," said CEO Michel Lies. "It is proof that we can deliver on our ambitions to seek profitable growth opportunities for Admin Re in the UK."
The acquisition will add 900 000 annuity, life insurance and pension policies in Britain and Ireland, the statement said.
The deal, subject to regulatory approval, is expected to be finalised early next year.